Should You Take On A Partner?

At some point, many entrepreneurs consider taking on a partner.
While this may be smart for some, for others, it's best to stay
solo. Which is best for you?

First, ask yourself two questions: 1) Am I willing to compromise
in business decisions about my company? and 2) Do I feel
comfortable trusting someone else to speak for me?

Before proceeding, remember you can be held legally liable for
what your partner says and does. And don't look for a clone of
yourself. You need someone with unique ideas and methods whom you
can respect and work with as a team.

Once you find a prospective partner, make sure you define what
each of you will be responsible for. Also, it's important that
your commitment level and work ethics are similar, otherwise
resentments can emerge.

When you're ready, put everything in writing. You can draw
up the partnership agreement yourself, but I suggest you hire an
attorney. Remember, your business is on the line, so make sure you
include plans in case there's a split.

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